On July 15, 2017 Matrix Corp sells 20,000 snoe shovels to a distributor for $15 per shovel. The distributor pays the amount on July 15, 2017, and has the right to returnany of the snow shovels for any reason within 180 days for a full

On July 15, 2017 Matrix Corp sells 20,000 snoe shovels to a distributor for $15 per shovel. The distributor pays the amount on July 15, 2017, and has the right to returnany of the snow shovels for any reason within 180 days for a full

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Give me answer within an hour please I will give you positive rating immediately its very urgent ....thankyou...

On July 15, 2017 Matrix Corp sells 20,000 snoe
shovels to a distributor for $15 per shovel. The
distributor pays the amount on July 15, 2017,
and has the right to returnany of the snow
shovels for any reason within 180 days for a full
refund. Matrix uses the expected value method
to estimate that 8% of the snow shovels will be
returned and it is probable that no more than
8% of the shovels will be returned. How much
sales revenue should Matrix recognize on July
15, 2017 for this sale?

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